Lincoln Mining Completes Major Debt Settlement Agreement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/15/17 -- Lincoln Mining Corporation, (TSX VENTURE: LMG) ("Lincoln" or the "Company") is pleased to announce that it has completed a debt settlement agreement (the "Settlement") with two former directors of the Company (the "Creditors") with respect to outstanding debt (including principal and interest) totaling $4,033,794.79. The Settlement results in the debt being eliminated from the Company''s balance sheet.
Under the terms of the Settlement, the Creditors were issued an aggregate of 929,496 common shares of the Company at a deemed value of $0.15 and 16 million special warrants at a deemed value of $0.2434 (the "Special Warrants"). Each Special Warrant may be exercised for one fully paid and non-assessable common share (a "Special Warrant Share") in the capital of Lincoln without payment of additional consideration for a period of 10 years from the date of issue. The Settlement includes, amongst other things, a restriction on the exercise of the Special Warrants such that the Company shall not be obligated to issue any Special Warrant Shares upon the purported exercise of the Special Warrants if immediately following the exercise of such Special Warrants the Creditors and their affiliates hold in aggregate more than 9% of the issued and outstanding common shares of the Company. The special warrants have no voting rights and no entitlement to dividends.
All securities issued or issuable under the Settlement will be subject to a four month hold period in Canada expiring on October 10, 2017.
"We are very pleased to have completed the debt settlement agreement with our previous directors. We have a strong relationship with them and appreciate their patience in finalizing this agreement during very difficult market times for junior mining companies", stated Paul Saxton, President & CEO of Lincoln.
The Company is working towards settling certain of its other indebtedness.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with two projects in various stages of exploration and development, which includes interest in the Pine Grove gold property in Nevada and the Oro Cruz gold property in California. In the United States, the Company operates under Lincoln Gold US Corp. and Lincoln Resource Group Corp., both Nevada corporations.
For further information, please visit the Company''s website at .
On behalf of Lincoln Mining Corporation
Paul Saxton, President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR INFORMATION. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS RELEASE, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING THE POTENTIAL SPECIAL WARRANT EXERCISE, ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS.
Contacts:
Lincoln Mining Corporation
Investor Relations
604-688-7377
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Datum: 15.06.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 1509332
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Mining & Metals
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